                                 CODE OF VIRGINIA

POWERS AND DUTIES OF THE CORPORATION (§ 2.2-2740)

The Corporation shall have the power and duty to:

1. Periodically assess (i) product and services promotion activities with the
Virginia Economic Development Partnership Authority and the Department of
Agriculture and Consumer Services and (ii) suggestions from relevant industries
on ways to increase exports of Virginia products;

2. Ensure the preparation and execution of effective international trade
development marketing and promotional programs, inclusive of both international
export and international import programs when economic benefit accrues to
Virginia&#8217;s economy and businesses;

3. Make available to businesses across the Commonwealth, in conjunction and
cooperation with business trade associations, chambers of commerce,
universities, and other public and private groups, international trade
development programs and services;

4. Encourage and solicit private sector involvement, support, and funding for
international trade development in the Commonwealth;

5. Encourage the coordination of international trade development efforts of
public institutions, business associations, chambers of commerce, and private
industry and collect and maintain data on the development and utilization of
international trade development capabilities;

6. Offer a program for the issuance of international documentation for companies
located in the Commonwealth if no federal agency or other regulatory body or
issuing entity will provide international documentation in a form deemed
necessary for international commerce;

7. Adopt, amend, and repeal bylaws, rules, and regulations, not inconsistent
with this article, for the administration and regulation of its affairs, to
carry into effect the powers and purposes of the Corporation, and for the
conduct of its business;

8. Maintain an office at any place within or without the Commonwealth that it
designates;

9. Make and execute contracts and all other instruments and agreements necessary
or convenient for the performance of its duties and the exercise of its owners
and functions under this article;

10. Employ officers, employees, agents, advisers, and consultants, including
without limitation financial advisers and other technical advisers and public
accountants, and, the provisions of any other law to the contrary
notwithstanding, to determine their duties and compensation without the approval
of any other agency or instrumentality;

11. Sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise
dispose of all or any part of its properties and assets;

12. Procure insurance, in amounts and from insurers of its choice, or provide
self-insurance, against any loss, cost, or expense in connection with its
property, assets, or activities, including insurance or self-insurance against
liability for its acts or the acts of its directors, employees, or agents and
for the indemnification of the members of its Board and its employees and
agents;

13. Establish and revise, amend and repeal, and charge and collect fees and
charges in connection with any activities or services of the Corporation;

14. Make grants with any funds of the Corporation available for this purpose;

15. Develop policies and procedures generally applicable to the procurement of
goods, services, and construction based on competitive principles;

16. Raise money in the corporate, nonprofit, and nonstate communities to finance
the Corporation&#8217;s activities;

17. Receive and accept from any source aid, grants, and contributions of money,
property, labor, or other things of value to be held, used, and applied to carry
out the purposes of this article subject to the conditions upon which the aid,
grants, or contributions are made;

18. Enter into agreements with any department, agency, or instrumentality of the
United States, the Commonwealth, the District of Columbia, or any state for
purposes consistent with its mission;

19. Maintain accounts and records as prescribed by the Auditor of Public
Accounts, who shall annually audit the accounts of the Corporation; and

20. Do any acts necessary or convenient to the exercise of the powers granted or
reasonably implied by this article and not otherwise inconsistent with state
law.

HISTORY: 2016, c. 749.